Explanation
Background: The Lincoln Theatre, an historic landmark in the City's King-Lincoln District, is undergoing extensive renovation and is scheduled to open in June 2009. The original project budget was $11,000,000. The breakdown of funds is as follows: $4,000,000 from the City of Columbus, $4,000,000 from Franklin County and $3,000,000 to be raised by LTA/CAPA through public and private contributions. To date LTA/CAPA has raised $2,500,000 in capital funds. In addition they have set a goal of $2,750,000 to be raised for operations and endowment. Due to project cost overruns and CAPA's shift in focus to raise operating and endowment funds, the revised project budget is $13,500,000. The City, through the 2008 CIB, received $2,475,000 for the Lincoln Theater and has agreed to contribute additional funds in the amount of $2,500,000 to accommodate the evolving scope that is not unexpected with an urban redevelopment project of this magnitude. This includes an increase of theatre seating by renovating the balcony area and making necessary adjustments to the roof to fit the new rear addition and expanded use of the 3rd floor space for performing arts education. $2,300,000 is being requested in this legislation. The additional funding sources are as follows: $2,000,000 has been budgeted in the SIT fund, $300,000 from existing cash in fund 735 from previous projects and $200,000 from the 2009 CIB. For this reason it is desirable to modify the existing theatre renovation contract to include an additional $2,300,000 for a total contract amount of $10,895,000.
This ordinance also authorizes the transfer, appropriation, and expenditure of $2,000,000 from the Special Income Tax Fund and $300,000 from existing cash in Fund 735 to provide funds to amend the contract with the Lincoln Theatre Association. The Special Income Tax transfer and appropriation is a temporary measure until the City sells notes or bonds for this project.
Emergency Justification: Emergen...
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